Latest news with #PurchaseAgreement
Hans India
12 hours ago
- Business
- Hans India
Kiri Industries' net loss widens to Rs 85 crore in Q4, revenue drops
Kiri Industries Limited, a dye and chemical maker, has announced that the company posted a net loss of Rs 84.6 crore during the quarter (Q4 FY25), which is much higher than the Rs 9.6 crore loss it reported in the same period previous fiscal (Q4 FY24). Revenue also declined by 6.5 per cent, falling to Rs 205 crore in the last quarter of FY25 from Rs 219.3 crore a year ago, according to its stock exchange filing. Despite the disappointing earnings, the company made a major announcement along with the financial results. Kiri Industries has signed a Share Purchase Agreement (SPA) with Zhejiang Longsheng Group to sell its entire 37.57 per cent stake in DyStar, a global dyes and chemicals company. The base sale price is $676.26 million, which is roughly Rs 5,765 crore at current exchange rates. This deal is notable because the sale value is much higher than Kiri Industries' current market capitalisation, which stands at about Rs 3,800 crore. As part of the agreement, Zhejiang Longsheng Group will acquire 26.23 lakh equity shares held by Kiri Industries in DyStar. In addition to the base amount, Kiri Industries may also receive an extra $20.29 million. This would be paid if there is any shortfall in the base amount or if the buyer needs to fulfil other responsibilities under the agreement. However, the final amount could still change depending on certain conditions, the company said in its regulatory filing. The deal is still subject to regulatory approvals and other closing formalities. Once completed, this sale could provide a major cash boost to Kiri Industries and help reshape its business direction. Meanwhile, shares of Kiri Industries dropped 9.43 per cent on Friday to Rs 658 on the Bombay Stock Exchange (BSE). Kiri Industries Limited (KIL) is an Indian company engaged in the manufacturing and export of dyes, dye intermediates, and basic chemicals. As a fully integrated dyes and chemicals producer, KIL operates a wide range of facilities. The company is listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Business Insider
2 days ago
- Business
- Business Insider
Columbus McKinnon says DOJ requests more information on Kito deal
In a regulatory filing, Columbus McKinnon (CMCO) stated, 'As previously disclosed, on February 10, 2025, Columbus McKinnon entered into a Stock Purchase Agreement with Kito Crosby Limited, the equityholders of Kito, and Ascend Overseas Limited, pursuant to which Columbus McKinnon agreed to acquire all of the issued and outstanding equity of Kito. In connection with the Acquisition, Columbus McKinnon and KKR (KKR) North America Fund XI L.P., the ultimate parent entity of Kito, each filed the required notification and report forms under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with the Antitrust Division of the U.S. Department of Justice and the Federal Trade Commission. On May 28, 2025, Columbus McKinnon and KKR each received a request for additional information and documentary material from the Antitrust Division in connection with the Antitrust Division's review of the Acquisition. The issuance of the Second Request extends the waiting period under the HSR Act until 30 days after both Columbus McKinnon and KKR have substantially complied with the Second Request, unless the waiting period is voluntarily extended by the parties or terminated earlier by the Antitrust Division. The parties have been working collaboratively with the Antitrust Division to bring its review of the Acquisition to a close as expeditiously as possible and will continue to do so. Completion of the Acquisition remains subject to the expiration or termination of the waiting period under the HSR Act and the satisfaction or waiver of the other customary closing conditions set forth in the Purchase Agreement.'
Business Upturn
3 days ago
- Business
- Business Upturn
Kiri Industries signs $696 million share purchase deal to sell DyStar stake
By Aditya Bhagchandani Published on May 30, 2025, 09:28 IST Kiri Industries has signed a Share Purchase Agreement (SPA) with Zhejiang Longsheng Group Co., Ltd to divest its entire 37.57% stake in DyStar Global Holdings (Singapore) Pte. Ltd. The agreement was inked on May 29, 2025, alongside court-appointed receivers from Deloitte & Touche LLP. As per the SPA, Zhejiang Longsheng will acquire 26,23,354 equity shares of DyStar at a base consideration of USD 676.26 million. An additional USD 20.29 million may be paid by the purchaser to meet shortfall adjustments or fulfill SPA obligations, with provisions for further adjustments as per the agreement's terms. The deal stems from a directive issued by the Singapore International Commercial Court in February 2024, ordering an en-bloc sale of stakes held by Kiri Industries and Senda International Capital in DyStar. The transaction is subject to customary closing conditions and regulatory approvals, with a long-stop date of October 2, 2025, extendable to November 3, 2025. J.P. Morgan Securities Asia is acting as the financial advisor to Kiri Industries for the transaction. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Upturn
3 days ago
- Business
- Business Upturn
Kiri Industries shares fall over 6% after DyStar stake sale to Zhejiang Longsheng
By Aditya Bhagchandani Published on May 30, 2025, 09:31 IST Shares of Kiri Industries declined 6.1% to ₹682.25 in early trade on May 30 after the company announced the signing of a Share Purchase Agreement (SPA) to divest its entire 37.57% stake in DyStar Global Holdings (Singapore) Pte. Ltd. to Zhejiang Longsheng Group Co., Ltd. As per the SPA, signed on May 29, 2025, alongside court-appointed receivers from Deloitte & Touche LLP, Zhejiang Longsheng will acquire 26,23,354 equity shares of DyStar at a base consideration of USD 676.26 million. An additional USD 20.29 million may be payable to address shortfall adjustments or other obligations. Further adjustments may also apply based on the final terms of the agreement. This divestment follows a directive from the Singapore International Commercial Court (SICC) in February 2024, which ordered an en-bloc sale of DyStar stakes held by both Kiri Industries and Senda International Capital. The transaction is subject to regulatory approvals and customary closing conditions. The long-stop date for completion is set for October 2, 2025, with an extension available until November 3, 2025. J.P. Morgan Securities Asia is acting as the financial advisor to Kiri Industries for this transaction. The stock saw selling pressure despite the substantial valuation of the deal, likely on investor concerns about near-term earnings visibility and execution timelines. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Standard
5 days ago
- Business
- Business Standard
Board of Electrosteel Castings acquisition of T.I.S Services S.p.A
At meeting held on 28 May 2025The Board of Electrosteel Castings at its meeting held today i.e., on 28 May 2025 have approved the proposal to make investment by way of purchase and acquisition of 30,00,000 shares of Euro 1 each representing 100% shareholding of T.I.S Services S.p.A based in Italy, held by T.I.S Group S.p.A for an aggregate amount of purchase consideration not exceeding Euro 15 million and accordingly has approved execution of a Share Purchase Agreement (SPA) in connection thereto subject to terms set out in the SPA. Powered by Capital Market - Live News
